Las Vegas Housing Market Update - September 2022

Real Estate Slow Down Means Inventory is Over 3,000!

At the end of September, rental market inventory officially crossed 3,000 rental properties with 3,088 active rental listings. Throughout October, this number has continued to increase to an almost ridiculous amount. As mentioned in previous updates, increased mortgage interest rates and a slowing of the sales market results in more owners using their property as a rental as opposed to selling. Additionally, the fall and winter are the slowest seasons of the year for the rental market, and inventory naturally increases around this time of year as there are less people looking to move during the school year and holiday season. 


In September of 2022, 2,087 rental properties were leased across the Las Vegas Valley. This is an 29.8% increase from September of 2021 (1,608 properties). The number of rental properties listed in September of 2022 was 1,917. This is a 107.5% increase from September of 2021 (924 properties). The median price of rental properties across the valley in September of 2022 was $1,995/mo. This represents a 5.3% increase from September of 2021 ($1,895/mo.). The average price of rental properties in September of 2022 was $2,178/mo. This is an 6.3% increase from September of 2021 ($2,048).

Here are the key takeaways for any real estate investor in the current market:


A) Rent prices have stabilized with the median rent hovering around $2,000/month and average rent remaining fairly constant around $2,175/month. Moving forward, many lease renewals may not be able to secure the increase in rent that was seen during the busy summer months and during the pandemic. However, it is unlikely that we will see average rent prices decrease noticeably, barring a significant market event. 


B) Due to increased inventory and stagnating rent, many rental listings are having to go through multiple price reductions to find a tenant. In fact, 53% of all leased rental properties in September had to go through at least 1 price reduction to get rented with 32% of those price reductions being greater than 10% of the initial rental listing price. These price reductions are caused by properties spending a longer time on the market, along with some landlords and property managers continuing to price their rental listings too aggressively. 


No matter the market conditions, every property is unique and needs a proper market analysis to determine what the current fair market rent would be. If you have questions about where your property fits into the current rental market, please reach out to us.

Taking care of your rental | Landscape cleanup

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Keeping your landscaping tidy is an easy way to keep your yard looking great and avoid any potential violations! Regularly clearing away fallen leaves, trimming overgrown plants, and picking up yard debris not only helps your garden stay healthy but also ensures you’re following community guidelines. A well-maintained yard can also boost your home's curb appeal and contribute to a clean, attractive community.  By taking a little time each season to stay on top of your landscaping, you help contribute to the cleanliness and beauty of our neighborhood. Plus, it’s a great way to avoid potential fines or complaints. Thank you for doing your part!

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4 Tips for Protecting Your Rental Property Investment in Las Vegas

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Owning rental property in Las Vegas is a rewarding investment, but protecting that investment requires proactive attention. At McKenna Property Management, we understand the unique challenges property owners face in this market. Here are five essential tips to safeguard your property. 1. Regular Property Evaluations and Tenant Screening At McKenna Property Management, we conduct regular property evaluations to identify and address issues before they become costly problems. Whether it's checking if the air filters are being changed o r checking for wear and tear, we help keep your property wellmaintained. We also thoroughly screen tenants to find reliable individuals who pay rent on time and treat your property with care. Our process includes background checks, credit reviews, and rental history verification, helping you avoid costly turnover and potential damage. 2. Leverage Our Team of Licensed Realtors and Property Managers Our team of licensed Realtors® and property managers has extensive experience in the Las Vegas market. This expertise ensures that we’re up-to-date with the latest rental laws, regulations, and market trends, helping you stay compliant and protect your investment from potential legal risks . 3. Stay Current with Local Laws and Regulations Las Vegas has specific laws regarding rental properties, from landlord-tenant relations to eviction procedures. At McKenna Property Management, we stay on top of these regulations to ensure your property is compliant and you avoid costly legal issues. 4. Invest in Regular Property Upkeep and Upgrades Regular mainten ance and addressing smart upgrades are essential to keeping your property competitive. Simple improvements like new paint, updated appliances, and energy-efficient features not only increase your property’s value but also attract highquality tenants. Conclusion  Protecting your rental property in Las Vegas requires proactive steps. By taking care of evaluations, tenant screening, staying compliant with laws, and walking you through the benefits of investing in upgrades, you can ensure long-term success. At McKenna Property Management, we’re here to help you safeguard and maximize the value of your investment. Contact us today to learn more!
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